Mineral Resources (MIN) investor relations material

Executive summary

• FY25 revenue was $4.5 billion, down 15% year-over-year, with underlying EBITDA of $900–901 million, also down 15% year-over-year.

• Mining Services delivered record EBITDA of $737 million, up over 30% year-over-year, driven by Onslow Iron ramp-up and new contracts.

• Commodity EBITDA fell 65% year-over-year to $279 million, impacted by lower iron ore and lithium prices.

• Net debt increased to $5.3 billion, with liquidity of $1.1 billion and no dividends declared.

• Significant impairments of $806 million (pre-tax) were recognized, mainly on RDG, Bald Hill, and lithium assets.

Financial highlights

• Underlying NPAT was a loss of $112 million, compared to a profit of $158 million in FY24.

• Reported NPAT was a loss of $896 million, primarily due to impairment charges.

• Operating cash flow before interest and tax was negative $27 million, with free cash flow from operations at negative $883 million.

• CapEx outflow totaled $1.9 billion, with net investments and acquisitions of $1.8 billion, including proceeds from asset sales.

• Mining services delivered record underlying EBITDA of $737 million, driven by Onslow Iron ramp-up.

Outlook and guidance

• Onslow Iron expected to achieve nameplate capacity in Q1 FY26, with volume guidance of 30–33Mt (100% basis) at $54–59/wmt FOB cost.

• Pilbara Hub guidance: 9.0–10.0Mt at $75–80/wmt FOB cost.

• Lithium (Mt Marion): 160–180k dmt at $820–890/dmt FOB cost; Wodgina: 220–240k dmt at $730–800/dmt FOB cost.

• Mining services volumes to grow over 10% in FY26; $2/tonne margin guidance maintained.

• FY26 CapEx forecast at ~$1.1–1.14 billion, heavily weighted to Q1.